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The pair have decades of London and international market experience. -
A strategy is in place for the carrier to expand its presence on the Island.
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Hundle & Partners will provide capital support for the business, which will focus on acquiring corporate liabilities.
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The GWP total marked an 18% year-over-year increase from $145bn in 2022.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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The move is the latest phase of the carrier's operational transformation programme, AIG Next.
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The ratings agency said reinsurers were reaping the benefits of ‘a long upward trek’ of remediation.
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Sources said the venture will look to service both US and European corporates and is backed by family office money.
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The ratings agency forecast a slowing pace of property cat rate increases in 2025.
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
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The underwriting units produced revenue of $11mn in the year to 30 June.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
